Core Viewpoint - Sunshine Paper Industry (02002) reported a decline in revenue and net profit for the first half of 2025, attributed to intensified competition and industry challenges [1][2]. Financial Performance - The company achieved operating revenue of 3.573 billion yuan, a year-on-year decrease of 9.71% from 3.96 billion yuan [1][3]. - The net profit attributable to shareholders was 83.184 million yuan, down 56.09% from 189.44 million yuan in the same period last year [1][3]. - Basic earnings per share were 0.08 yuan, with an average return on equity of 1.71%, a decrease of 2.34 percentage points year-on-year [1][12]. Sales Volume and Product Segmentation - The sales volume of machine-made paper reached 967,000 tons, a decline of 4.73% from 1.015 million tons in the previous year [1]. - The sales and gross margin of various product segments showed mixed results, with white face cardboard sales at 671.5 million yuan and a gross margin of 17.0% [3]. Inventory and Financing - The inventory turnover rate decreased from 5.3 times to 5.08 times, indicating a slight decline but still maintaining a relatively good level in the industry [2]. - The proportion of financing costs to revenue decreased from 2.2% to 1.7%, reflecting a significant reduction in financing costs [2]. Asset and Liability Changes - Accounts receivable increased by 51.47%, and cash and cash equivalents decreased by 4.81%, impacting the total asset structure [14]. - Short-term borrowings increased by 13.84%, and long-term borrowings rose by 15.3%, indicating a rise in the company's leverage [16]. Strategic Partnerships - The report did not provide updates on the collaboration with Jianfa Pulp and Paper, although Jianfa remains the second-largest shareholder with a 15.21% stake [2].

Group 1 - A consumer in Guangdong reported finding foreign objects in Vinda tissue paper, including yellow, paper-like substances with black stains [1] - The consumer communicated with the brand, which is actively addressing the issue but did not disclose further details [3] - Vinda's headquarters is located in Jiangmen, and the company was established in 1985, owning brands such as Vinda, Tempo, and Tena [3] Group 2 - Vinda International was listed on the Hong Kong Stock Exchange in 2007, and in 2013, Swedish group Essity became the controlling shareholder by acquiring nearly 300 million shares [3] - In April 2024, Vinda International was acquired by the Asia Pacific Resources Group, a subsidiary of Indonesia's Golden Eagle Group, and was privatized and delisted in August of the same year [3]

Core Viewpoint - Jingxing Paper Industry experienced a stock price increase of 5.55%, reaching 5.90 CNY per share, with a total market capitalization of 8.133 billion CNY as of September 29 [1] Group 1: Company Overview - Zhejiang Jingxing Paper Industry Co., Ltd. is located in Pinghu City, Zhejiang Province, and was established on November 1, 1996, with its listing date on September 15, 2006 [1] - The company's main business involves the production and sale of industrial packaging paper, cardboard, and various types of household paper [1] - The revenue composition of the company includes: 70.02% from base paper, 14.39% from household paper, 6.72% from cardboard, 5.94% from other products, and 2.93% from recycled pulp board [1] Group 2: Fund Holdings - Guolian Fund has a significant holding in Jingxing Paper Industry through its fund Guolian Xin Value Mixed A (004836), which held 15,400 shares in the second quarter, unchanged from the previous period [2] - The shares represent 0.25% of the fund's net value, making it the third-largest holding [2] - The fund has an estimated floating profit of approximately 4,764.08 CNY as of the report date [2] Group 3: Fund Manager Information - The fund manager of Guolian Xin Value Mixed A is Pan Wei, who has been in the position for 7 years and 20 days [3] - The total asset size of the fund is 13.233 billion CNY, with the best fund return during Pan Wei's tenure being 22.74% and the worst being -3.81% [3]

Core Viewpoint - The company has been awarded a procurement contract by State Grid Corporation of China, which is expected to enhance its market competitiveness and share, positively impacting its operational performance [1] Group 1 - The company received a "Notice of Award" from the State Grid Corporation of China on September 28, 2025 [1] - The company is one of the successful bidders for the "Office Supplies Package 1-6" and "General Industrial Supplies Package 1" in the procurement project [1] - Successful implementation of this project is anticipated to have a positive effect on the company's business performance [1]

近年来，亚太森博大力推进能源结构转型，采取优化设备系统流程、优化生产流程减少设备空转时间、 提高冷却水回收利用率等方式进一步降低能耗，高效利用原料加工过程中产生的黑液等生物质能源替代 煤炭，从生物质能源利用、光伏发电拓展和余热高效回收三个维度全面强化清洁能源体系，使生物质能 源在总能耗中占比超过83%，持续降低碳排放强度，推动行业绿色低碳转型。目前，该公司永磁高效节 能电机改造、网毯清洗系统改造等多个节能降碳项目在推进中。 近日，省工业和信息化厅印发《关于2025年度省级重点行业能效"领跑者"名单的公示》，日照经开区亚 太森博（山东）浆纸有限公司名列其中。 ...

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View of the Report In Q3 2025, pulp futures first rose and then fell, currently maintaining low - level fluctuations. The import volume is stable, supplementing domestic wood pulp supply. The domestic pulp port inventory has decreased after reaching a high. In October, the new domestic pulp production capacity may increase, dragging down the pulp price rebound. The theoretical arrival cost in October will increase due to the increase in the outer - market price of imported broad - leaf pulp in August, which may support the spot price. However, the low gross profit margin of the downstream base paper industry restricts high - price transactions in the pulp market, and the price is running weakly. It is necessary to wait for the downstream demand to stabilize. The operation suggestion is to wait for the end of the correction and consider a buy - on - dips strategy [1][2][32]. 3) Summary According to the Directory Part One: Market Review - **Market Phases**: Q3 can be divided into two stages. From July 1st to July 25th, there was a bottom - up rebound as international pulp mills raised prices and the general rise of industrial products drove the pulp market. From July 28th to September 23rd, the price dropped from a high as the base paper industry's price fluctuated weakly, the profit improvement of most downstream paper types was insufficient, and the downstream demand did not improve significantly during the conversion between the traditional off - season and peak season [7]. Part Two: Pulp Fundamental Analysis - **Import Volume**: In August 2025, the import volume of softwood pulp was 613,900 tons, a month - on - month decrease of 5.01% and a year - on - year decrease of 10.12%. The cumulative import volume from January to August was 5.7405 million tons, a year - on - year increase of 1.43%. The import volume of hardwood pulp in August was 1.2577 million tons, a month - on - month decrease of 6.92% and a year - on - year decrease of 1.43%. The cumulative import volume from January to August was 11.1521 million tons, a year - on - year increase of 10.71%. The overall import volume was stable, supplementing domestic wood pulp supply [1][13]. - **Outer - Market Quotation**: In August 2025, the European chemical pulp consumption was 700,800 tons, a year - on - year increase of 2.35%. The inventory was 707,800 tons, a year - on - year increase of 11.34%. The inventory days were 26 days, 3 days more than the same period last year. Suzano announced price increases in September 2025, and Chile's Arauco also raised its wood pulp outer - market quotation. The increase in theoretical arrival cost in October may support the spot price of imported hardwood pulp [17]. - **Domestic Port Inventory**: The domestic pulp port inventory decreased after reaching a high. The weekly pulp inventory in major Chinese regions and ports was 1.9896 million tons, a week - on - week decrease of 4.49% [2][18]. - **Downstream Operating Load Rate**: The operating load rate of different pulp types varied. For domestic hardwood pulp, the industry's operating load rate increased by 1 percentage point; for domestic chemimechanical pulp, it remained flat. For non - wood pulp, the bamboo pulp industry's operating load rate increased by 6 percentage points, while the bagasse pulp industry's decreased by 1 percentage point [23]. - **Imported Softwood Pulp Gross Profit Margin**: In September 2025, the arrival cost was $720/ton. As of September 25th, the average spot price of Silver Star was about 5,645 yuan/ton, with a gross profit margin of - 4.46%, a decrease of 0.72 percentage points from last week. It is expected to remain at a low level [27]. - **Price Trends of Softwood and Hardwood Pulp**: The spot market of imported wood pulp continued to diverge. As of September 25th, the weekly average price of imported softwood pulp was 5,587 yuan/ton, a week - on - week decrease of 0.23%. The weekly average price of imported hardwood pulp was 4,229 yuan/ton, a week - on - week increase of 0.45% [30]. Part Three: Future Outlook The situation in Q3 is summarized, and it is pointed out that in October, the new domestic pulp production capacity may increase, dragging down the pulp price rebound. The increase in the outer - market price of imported hardwood pulp in August may support the spot price. However, due to the low gross profit margin of the downstream base paper industry, high - price transactions in the pulp market are restricted, and the price is running weakly. It is necessary to wait for the downstream demand to stabilize, and a buy - on - dips strategy can be considered after the correction ends [32][34].

Group 1 - The company plans to issue A-shares to specific investors, with a maximum of 211,792,834 shares, which is 30% of the total shares before the issuance [1][4][51] - The total amount to be raised from this issuance is not to exceed 300 million yuan [1][4][59] - The issuance is expected to dilute the immediate returns, affecting key financial metrics such as earnings per share and return on equity in the short term [1][4][9] Group 2 - The company has conducted a thorough analysis of the impact of this issuance on its financial indicators and has proposed measures to mitigate the dilution of immediate returns [1][4][9] - The assumptions for the financial impact analysis include stable macroeconomic conditions and the completion of the issuance by June 2026 [2][3] - The company anticipates that the economic benefits from the raised funds will take time to materialize, leading to a temporary decrease in earnings per share [4][5] Group 3 - The funds raised will be used for projects closely aligned with the company's main business, enhancing its competitive edge and supporting long-term growth [5][6][11] - The company has a strong team and technical reserves to support the implementation of the fundraising projects [7][8] - The company will ensure effective management of the raised funds, adhering to regulations and monitoring their usage [10][12] Group 4 - The company commits to maintaining a fair profit distribution system and enhancing investor return mechanisms post-issuance [13] - The board and senior management have made commitments to ensure the fulfillment of measures to compensate for the dilution of immediate returns [14][15] - The company will hold a temporary shareholders' meeting on October 15, 2025, to discuss the issuance [16][17][18]

Group 1 - The company, Xianhe Co., Ltd. (stock code: 603733), announced on September 26 that it plans to issue A-shares to specific investors [1] - The fundraising target is up to 3 billion yuan, which will be used for the second phase of the high-performance paper-based new materials project in Sanjiangkou New District, Guangxi, and to supplement working capital [1]

Group 1 - The company Xianhe Co., Ltd. (603733.SH) announced a plan to issue A-shares to specific investors, with a total fundraising amount not exceeding 3 billion RMB [1] - The issuance will involve no more than 211,792,834 shares, targeting up to 35 specific investors [1] - The raised funds will be used for the second phase of the high-performance paper-based new material project in the Sanjiangkou New District of Guangxi and to supplement working capital [1]

Group 1 - The company plans to issue A-shares with a par value of 1 yuan per share, with a maximum issuance of 211,792,834 shares [1] - The fundraising target is up to 3 billion yuan, which will be used for the second phase of the high-performance paper-based new materials project in Guangxi Sanjiangkou New Area and to supplement working capital [1]